According to the National Bureau of Statistics (NBS), Nigeria recorded a trade surplus of N5.81 trillion in the third quarter of 2024, marking the eighth consecutive quarter of positive trade balance.
The figure, however, reflects a decline compared to N6.9 trillion in Q2 and N6.52 trillion in Q1 of 2024.
The latest foreign trade statistics highlight sustained export growth, though challenges remain in narrowing the surplus drop.
A trade surplus, an economic measure of a positive trade balance, occurs when a country’s exports exceed its imports.
Total merchandise trade in Africa’s most populous nation stood at N35.1 trillion in Q3, an increase of 13.26 percent over the value recorded in the preceding quarter and rose by 81.35 percent compared to the value recorded in the corresponding period of 2023.
“Total exports in Q3 2024 were valued at N20.4 trillion, reflecting a 98.00 percent rise compared to N10.3 trillion in the corresponding quarter of 2023 and a 16.76 percent increase compared to N17.5 trillion in Q2 2024,” the NBS report stated.